Federal Register / Vol. 89, No. 34 / Tuesday, February 20, 2024 / Notices 12891 

49 15 U.S.C. 78s(b)(3)(A)(ii). 

50 17 CFR 240.19b–4(f)(2). 51 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 98231 

(August 28, 2023), 88 FR 60516. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 98497 

(September 25, 2023), 88 FR 67397 (September 29, 

2023). The Commission has received no comments 

on the proposed rule change. 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 98933, 

88 FR 80783 (November 20, 2023). 

8 15 U.S.C. 78s(b)(2). 

fee filings. However, the commenters do 

raise one issue that concerns this 

proposal whereby it asserts that the 

Exchange’s comparison to fees charged 

by other exchanges for similar ports is 

irrelevant and unpersuasive. The core of 

the issue raised is regarding the cost to 

connect to one exchange compared to 

the cost to connect to others. A thorough 

response to this comment would require 

the Exchange to obtain competitively 

sensitive information about other 

exchange architecture and how their 

members connect. The Exchange is not 

privy to this information. Further, the 

commenter compares the Exchange’s 

proposed rate to other exchanges that 

offer purge port functionality across all 

matching engines for a single fee, but 

fails to provide the same comparison to 

other exchanges that charge for purge 

functionality like proposed here. The 

Exchange does not have insight into the 

technical architecture of other 

exchanges so it is difficult to ascertain 

the number of purge ports a firm would 

need to connect to another exchanges 

entire market. Therefore, the Exchange 

is limited to comparing its proposed fee 

to other exchanges’ purge port fees as 

listed in their fee schedules. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act,49 and Rule 

19b–4(f)(2) 50 thereunder. At any time 

within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. If the Commission 

takes such action, the Commission shall 

institute proceedings to determine 

whether the proposed rule should be 

approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

PEARL–2024–07 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–PEARL–2024–07. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–PEARL–2024–07 and should be 

submitted on or before March 12, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.51

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–03342 Filed 2–16–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99530; File No. SR– 

CboeBZX–2023–062] 

Self-Regulatory Organizations; 

CboeBZX Exchange, Inc.; Notice of 

Designation of a Longer Period for 

Commission Action on Proceedings To 

Determine Whether To Approve or 

Disapprove a Proposed Rule Change 

To Amend the Initial Period After 

Commencement of Trading of a Series 

of ETF Shares on the Exchange as It 

Relates to the Holders of Record and/ 

or Beneficial Holders, as Provided in 

Exchange Rule 14.11(l) 

February 13, 2024. 

On August 14, 2023, Cboe BZX 

Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to amend the initial period after 

commencement of trading of a series of 

ETF Shares on the Exchange as it 

specifically relates to holders of record 

and/or beneficial holders under BZX 

Rule 14.11(l). The proposed rule change 

was published for comment in the 

Federal Register on September 1, 2023.3

On September 25, 2023, pursuant to 

Section 19(b)(2) of the Act,4 the 

Commission designated a longer period 

within which to approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to disapprove the 

proposed rule change.5 On November 

14, 2023, the Commission instituted 

proceedings pursuant to Section 

19(b)(2)(B) of the Act 6 to determine 

whether to approve or disapprove the 

proposed rule change.7

Section 19(b)(2) of the Act 8 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of filing of the proposed rule 

change. The Commission may extend 

the period for issuing an order 


ddrumheller on DSK120RN23PROD with NOTICES1
12892 Federal Register / Vol. 89, No. 34 / Tuesday, February 20, 2024 / Notices 

9See supra note 3, and accompanying text. 

10 Id. 

11 17 CFR 200.30–3(a)(57). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The Exchange notes that all the rules of Chapter 

IV of the MIAX Options Exchange, including Rule 

404, are incorporated by reference to MIAX 

Emerald. 

4 15 U.S.C. 78f(b). 

5 15 U.S.C. 78f(b)(5). 

6The term ‘‘Member’’ means an individual or 

organization approved to exercise the trading rights 

associated with a Trading Permit. Members are 

deemed ‘‘members’’ under the Exchange Act. See 

Exchange Rule 100. 

7The term ‘‘System’’ means the automated 

trading system used by the Exchange for the trading 

of securities. See Exchange Rule 100. 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination. The proposed rule 

change was published for notice and 

comment in the Federal Register on 

September 1, 2023.9 February 28, 2024 

is 180 days from that date, and April 28, 

2024 is 240 days from that date. 

The Commission finds it appropriate 

to designate a longer period within 

which to issue an order approving or 

disapproving the proposed rule change 

so that it has sufficient time to consider 

the proposed rule change. Accordingly, 

the Commission, pursuant to Section 

19(b)(2) of the Act,10 designates April 

28, 2024 as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change 

(File No. SR–CboeBZX–2023–062). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–03339 Filed 2–16–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99528; File No. SR–MIAX– 

2024–08] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Rule 404, Series of 

Option Contracts Open for Trading 

February 13, 2024. 

Pursuant to the provisions of Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 notice is hereby given that 

on February 1, 2024, Miami 

International Securities Exchange LLC 

(‘‘MIAX’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) a proposed rule change 

as described in Items I and II below, 

which Items have been prepared by the 

Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange is filing a proposal to 

update an internal cross reference in 

Rule 404, Series of Option Contracts 

Open for Trading. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://www.miaxoptions.com/rulefilings, at MIAX’s principal office, and 

at the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to update an 

internal cross reference in paragraph (a) 

of Rule 404, Series of Option Contracts 

Open for Trading.3 Specifically, the 

Exchange proposes to amend the last 

sentence of paragraph (a) which 

provides that, for Monthly Options 

Series, the Exchange will fix a specific 

expiration date and exercise price, as 

provided in Interpretation and Policy 

.12. The Exchange now proposes to 

correct the internal cross reference from 

Interpretation and Policy .12 to 

Interpretation and Policy .13. 

Interpretation and Policy .13 describes 

the Monthly Option Series Program and 

is the correct internal cross reference for 

paragraph (a). 

2. Statutory Basis 

The Exchange believes the proposed 

rules changes are consistent with the 

Act and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.4 Specifically, 

the Exchange believes the proposed 

rules changes are consistent with 

Section 6(b)(5) 5 requirements that the 

rules of an exchange be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with 

respect to, and facilitating transactions 

in securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

The Exchange believes that the 

proposed change to its rules to correct 

an internal cross reference would 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system because 

the proposed change is designed to 

update correct an erroneous internal 

cross reference. The Exchange believes 

that Members 6 would benefit from the 

increased clarity, thereby reducing 

potential confusion and ensuring that 

those subject to the Exchange’s 

jurisdiction, regulators, and the 

investing public can more easily 

navigate and understand the Exchange’s 

rules. The Exchange further believes 

that the proposed changes would not be 

inconsistent with the public interest and 

the protection of investors because 

investors will not be harmed and in fact 

would benefit from increased clarity, 

thereby reducing potential confusion. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange believes that the 

proposed rules changes would not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The proposed rules change is not 

intended to address a competitive issue 

but rather would modify an Exchange 

rule to update an incorrect cross 

reference. Since the proposal does not 

substantively modify System 7

functionality or processes on the 

Exchange, the proposed changes will 

not impose any burden on competition 

nor are they meant to affect competition 

among the exchanges. For these reasons, 

the Exchange believes that the proposed 

rules change reflects this competitive 

environment and does not impose any 


ddrumheller on DSK120RN23PROD with NOTICES1